SharePoint 2010 Diagnostics Studio Errors Event ID 6398

Having installed the SharePoint 2010 Diagnostics Studio on a server we were seeing hundreds of events with ID 6398:-

Log Name:      Application
Source:        Microsoft-SharePoint Products-SharePoint Foundation
Event ID:      6398
Task Category: Timer
Level:         Critical
Description:
The Execute method of job definition Microsoft.SharePoint.Diagnostics.SPSqlBlockingReportDiagnosticProvider (ID e0c0213b-63fc-4ede-acc9-7a569ba95812) threw an exception. More information is included below.

You do not have permission to run ‘SP_TRACE_CREATE’.

and

Source:        Microsoft-SharePoint Products-SharePoint Foundation
Event ID:      6398
Task Category: Timer
Level:         Critical
Description:
The Execute method of job definition Microsoft.SharePoint.Diagnostics.SPSqlBlockingReportDiagnosticProvider (ID e0c0213b-63fc-4ede-acc9-7a569ba95812) threw an exception. More information is included below.
The blocking query diagnostics provider could not set the ‘blocked process threshold’ for the sql instance SPSQL01.  Blocking queries will not be captured in this instance.  Error Code: User does not have permission to perform this action.
You do not have permission to run the RECONFIGURE statement.
The configuration option ‘blocked process threshold’ does not exist, or it may be an advanced option.
You do not have permission to run the RECONFIGURE statement.

Solution

On the SQL server make sure the account specified in the username of the events has ALTER TRACE and ALTER SETTINGS enabled. You can do this through Management Studio by selecting the username and changing the securables.